Iran Bill Ratified; Crypto Transactions Are Unlawful, But Mining Legalized With New Stipulations

Iran Bill Ratified; Crypto Transactions Are Unlawful, But Mining Legalized With New Stipulations

  • The new rules clearly state that crypto miners operating across Iran will have to pay the government higher energy tariffs rates when compared to regular citizens.
  • Even though the digital mining industry has been given a regulatory green light within the Arab nation, Iran’s deputy president of the Islamic Republic of Iran Customs Administration recently stated that the government had still not issued any licenses allowing for the import of digital currency mining equipment into the country.

As per an all-new law instituted by the Iranian government yesterday, cryptocurrencies cannot be used as legal tender within that nation’s borders. Not only that, digital currencies are no longer usable for facilitating domestic monetary transactions..

The Cabinet of Iran issued a decree yesterday that clearly states that the government no longer recognizes any domestic trading activity involving digital assets.

The new bill does not recognize digital currencies (such as Bitcoin, Ether, XRP) as legal tender — as a result of which Iran’s central bank does not provide any guarantee on their value.

Mining is Now Legal in Iran but There are Some Disclaimers Attached

As many of our regular readers may recall, the current Iran government had previously allowed cryptocurrency mining operations to take place within its borders.

However, now, in order for enthusiasts to mine altcoins they will have to receive a letter of approval from Iran’s Ministry of Industry, Mine and Trade, as well as make sure that their rigs are situated 30-kilometers outside of the country’s provincial centers (with the exception of Tehran and Isfahan).

In closing out this piece, we should point out that a little under a week ago, the Iranian provincial police apprehended a person who was trying to smuggle in mining gear estimated to be worth $230,000.